Ethereum Price Eyeing Upside Break
Ethereum is consolidating gains above the $170 and $165 support levels against the US Dollar. ETH price is likely setting up for another leg higher over the $175 resistance area.
Ethereum is showing a few positive signs above the $170 support level.
The price could gain bullish momentum once it clears the $175 resistance area.
There is a major contracting triangle forming with resistance near $174 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could either surge above the $175 barrier or it might correct towards the $162 support.
After retesting the $175 resistance, Ethereum corrected a few points against the US Dollar. ETH traded below the $170 level, but it remained stable above the $168 level.
It seems like the $165 level acted as a support and the price is still well above the 100 hourly simple moving average. The recent high is formed near $173 and the price is currently consolidating gains.
It corrected below the 23.6% Fib retracement level of the recent wave from the $165 swing low to $173 high. However, there is strong support forming near the $170 level.
The 50% Fib retracement level of the recent wave from the $165 swing low to $173 high is also near the $170 level. At the outset, there is a major contracting triangle forming with resistance near $174 on the hourly chart of ETH/USD.
If Ethereum climbs above the triangle resistance, it could start another leg higher over $175. Immediate resistance is near the $180 level, above which the bulls are likely to aim a larger upward move towards the $195 and $200 resistance level.
On the downside, initial support for Ethereum is near the $170 level and the triangle lower trend line. A successful close below the triangle support may perhaps start a bearish wave below $168.
The next support is near the $165 level, below which the bears are likely to aim a test of the $162 support area. The 100 hourly simple moving average is also near the $162 level to act as strong support in the near term. Any further losses could lead the price towards the $158 support.
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